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By Nikhilesh De Microsoft will promote JPMorgan Chase’s Quorum blockchain to the global tech giant’s business customers, the companies announced Thursday. The Redmond, Washington-based software firm will support Quorum, JPM’s private enterprise version of ethereum, through Microsoft’s Azure cloud platform, the firms said. They will look to support adoption of the network through their new partnership, after signing a memorandum of understanding. As a result, Quorum “will become the first distributed ledger platform available through [the] Azure Blockchain Service, enabling J.P. Morgan and Microsoft customers to build and scale blockchain networks in the cloud,” the companies said in a press release. A spokesperson for New York-based JPM said via email that “Microsoft will drive preference to the Quorum stack for Blockchain applications built on Azure.” JPM will also build its own first-party applications for the service. Umar Farooq, JPM’s global ...

By Thomas Simms JPMorgan Chase (JPM) is expanding the use of its blockchain technology to help reduce the number of global payments rejected by errors, the Financial Times reported on April 21. The United States financial giant is adding new features to its Interbank Information Network (IIN,) which is now used by more than 220 banks around the world. The technology was initially designed to help institutions share payments data in real time — cutting delays in processing times. John Hunter, JPM’s head of global clearing, said it has built a new feature that can instantly verify whether a payment is heading to a valid bank account. At present, transactions can be rejected days after they were sent because of typos in sort codes, account numbers and addresses. He told the FT: “Banks straight through processing rates are in the mid-80s to mid-90s. It’s that gap — the 5 to 20 percent of payments — that have to be assessed by operations where we’...